Sirca Paints India (SPIL) has entered into a Business transfer agreement with New Wembley Products LLP through its Authorized Partner Dr. S. Harinderbir Singh Lamba:
- For acquiring the business undertaking, pertaining to sale and distribution of Products including technical know-how, all intellectual property rights (including brand name, trade mark and any other
intellectual property) belonging to New Wembley Products LLP and/ or Dr. S. Harinderbir Singh Lamba (‘Dr. Lamba'), in connection with the Products and/or the business of New Wembley Products (irrespective of whether the intellectual property is registered or unregistered under Applicable Laws), customer and vendor relationships, digital assets, books and records and identified employees of the New Wembley Products LLP.
- Further, it is hereby informed that the said transactions shall not include the manufacturing facilities of the New Wembley Products LLP. However, the said transaction shall include the exclusive right of the SPIL to use intellectual property belonging to New Wembley Products LLP and/ or Dr. Lamba for sale of Products.
- Further, the aforesaid transaction has been executed on a ‘slump sale' basis (within the meaning of such term under Section 2(42C) of the Income-tax Act, 1961) (“Slump Sale”) as a ‘going concern' basis for an aggregate lump-sum purchase consideration of Rs. 20 crore.
New Wembley Products LLP is a thinner, reducer and retarders/
paint removers manufacturing entity. Under the trade name
‘Welcome' makes a variety of interior finishing products for use on
doors, windows, kitchen cabinets, and other interior surfaces for
commercial, residential, and automotive applications.